Real versus Dollar

Great article on ft.com
Real's fall versus dollar might offer clue to Brazil's prospects.
..At 49.2 per cent of gross domestic product, domestic public debt is a significant impediment to growth in Brazil.
It uses up public revenues that could otherwise be freed for investment and crowds other more productive borrowers out of the market. Reducing the ratio of debt to GDP is the priority of the economics team at the finance ministry and central bank, while improving the profile of domestic debt (making it less vulnerable to changes in external conditions and reducing the cost of borrowing) is the narrower priority of the Treasury....